DEBTS PROBLEM

Southland Times, Issue 21605, 18 January 1932, Page 5

DEBTS PROBLEM

VIEWS OF EXPERTS NEXT WEEK’S CONFERENCE AT LAUSANNE OFFICIAL POLICY NOT STATED (British Official Wireless.) Rugby, January 15. Both official and unofficial economic experts are concentrating their attention on the problems which confront the ■nations at the forthcoming conference at Lausanne. The Prime Minister has made it known that the official policy will remain unexpressed before the "proper time and place,” which is Lausanne. Unofficial experts continue to give their views and the latest to do so is Mr J. M. Keynes, who argues that the conference should content itself with drafting the outlines of a charter to be filled in six months’ hence in detail, and that the decisions to be taken at Lausanne might take the form, firstly, of a promise from the Allies to make to Germany within the present year a precise and definite proposal for a final determination of her liabilities together with any further concessions which they are able to offer to make her task easier and more palatable and to bring the war atmosphere to an end with sincere offer of friendship; secondly, the decisions might include an agreement to watch the development of the economic crisis for a further six months before making this offer, and thirdly, with these objects in view, there might be offered an extension of Germany’s moratorium to December 15 and an adjournment of the conference for six months. The City editor of The Times says: “Business men hold that no settlement can be satisfactory or final which does not restore confidence in the financial stability of Germany and the other countries whose financial equilibrium has been destroyed largely by the incidence of reparation and war debt payments.” Sir Josiah Stamp, speaking on world problems, emphasized the view that, while reparations mattered immensely, the world had other economic ailments running concurrently, including tariffs and armaments. Professor Benedice and Signor Buti, the two Italian financial experts, have come to London to discuss the reparations problem. In Paris they had conversations with M. Flandin and the Finance Ministry officials. The Italians were received at the Treasury to-day and were later entertained at luncheon by Mr Neville Chamberlain, Chancellor of the Exchequer. The party also included Sir John Simon and Signor Mameli, the Italian Charge d'Affaires in London. With regard to suggestions in the Press as to the possible postponement of the i Lausanne Conference until after the | French Parliamentary and the German i Presidential elections, it is authoritatively stated that the British Government is proceeding with its plans on the assumption that the conference will start on January 25. THE FRENCH VIEW DR BRUENING’S DECLARATION. RECONCILIATION UNLIKELY. (United PrtM Assn.—By Telegraph—Copyright.) London, January 15. M. Tierriot, in a special copyright article to the North American News Agency, says “Dr Bruening’s declaration has rendered almost impossible the establishment of loyal and reasonable Franco-German reconciliation. Wo feel it is not possible any longer to believe the legitimacy of tho contract. If its signatures can thus bo contested what is to become of international morality in the face of temporary ills’ Are we returning to a regime of scraps of paper? Germany considers she is paying tribute in paying for the consequences of the ruins she accumulated, the fires she lit, the sufferings she has inflicted. We can understand her policy of destruction for military reasons, but when a beaten Germany was forced to fall back and she lays waste for pleasure a city such as Cambrai is she not bound to make reparation ? If not it would be necessary to abolish 'the idea of duty, condemn humanity and live like beasts under protection of force alone. Frenchmen will never submit to such a view. It would be an injustice to interpret Britain’s silence as approval. Dr Bruening wanted to frighten us, but Frenchmen do not yield to fear.”